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When you launch your own retail store or online business, knowing how to use a program like QuickBooks to create a chart of accounts (COA) is an essential skill. Among other things, having a proper COA allows you to track both where most of your revenue is coming from and where most of your expenses are going.
Don’t worry if you don’t have a COA because we have got you covered. We offer a free PDF download of our industry-specific QuickBooks chart of accounts for retail stores and online commerce businesses. Just fill out the fields below and click “Download Now!” to get your chart of accounts.
A retail store, online or not, is simply a business that sells products. They are everywhere, and they can sell anything: clothing stores, grocery stores, sporting goods stores, hardware stores, and the list goes on. Thanks to the internet as well as the general advancement of technology, retail stores are capable of existing entirely online—but online commerce businesses still follow the same premise when it comes to accounting.
Setup of the income accounts for a retailer is easy since all you need is one income account: Product Sales. If you offer discounts, then you should have a Sales Discount income account as well.
Most physical retail stores have similar expenses: rent, utilities, insurance, and computer expenses. However, if you are an online entity, you might not incur these costs. Instead, you might only have to pay website fees, online advertising expenses, and phone bills. The expense accounts you have depends on the manner in which you run your business. Take a moment to think about where most of your money goes, and create your expense accounts accordingly.
Our custom COA includes all of these accounts, and if you need more, we can customize it even further! That’s not all, either. We also offer several services to help you manage your company’s finances.
Schedule an appointment with one of the experts on our team. Why wait? Get all the details ironed out now so you don’t have to worry about it later!
